Kentucky Statutes 65.490 – Definitions for KRS 65.490 to 65.499
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As used in KRS § 65.490 to KRS § 65.499, unless the context otherwise requires:
(1) “Agency” means an urban renewal and community development agency of a taxing district located within a county containing a consolidated local government or a city of the first class, established under KRS Chapter 99; a development authority located within a county containing a consolidated local government or a city of the first class established under KRS Chapter 99; a nonprofit corporation located within a county containing a consolidated local government or a city of the first class; or a designated department, division, or office of a county containing a consolidated local government or of a city of the first class;
(2) “Development area” means an area no less than one (1) square mile, nor more than six (6) square miles, designated in need of public improvements by a local or state government in a county containing a consolidated local government or a city of the first class, a project area as defined in KRS § 99.615, or a public project as defined in KRS § 58.010 in a county containing a consolidated local government or a city of the first class. “Development area” includes an existing economic development asset;
(3) “Increment” means that amount of money received by any taxing district or the state that is determined by subtracting the amount of old revenues from the amount of new revenues in any year for which a taxing district or the state and an agency have agreed upon under the terms of a contract of release or a grant contract;
(4) “Local government” means a county containing a consolidated local government or a city of the first class;
(5) “New revenues” means the revenues received by any taxing district or the state from a development area in any year after the establishment of the development area;
(6) “Old revenues” means the amount of revenues received by any taxing district or the state from a development area in the last year prior to the establishment of the development area;
(7) “Project” means any urban renewal, redevelopment, or public project undertaken in accordance with the provisions of KRS § 65.490 to KRS § 65.497, any project undertaken in accordance with KRS § 99.610 to KRS § 99.680, any project undertaken in accordance with the provisions of KRS Chapter 58, or any “public project” as that term is defined in KRS § 58.010 undertaken by a nonprofit corporation located within a county containing a consolidated local government or a city of the first class;
(8) “Release” or “contract of release” or “grant contract” means that agreement by which a taxing district or the state permits the payment to an agency of a portion of increments or an amount equal to a portion of increments received by it in return for the benefits accrued to the taxing district or the state by reason of a project undertaken by an agency in a development area;
(9) “Taxing district” means a consolidated local government, a county containing a city of the first class, a city of the first class that encompasses all or part of a development area, or the state, but does not mean a school district; and
(10) “Pilot program” means a tax increment financing program or a grant program created by an agency within a consolidated local government or a county containing a city of the first class which shall exist for a period of twenty (20) years, and may be extended for a period not to exceed an additional twenty-five (25) years as provided in KRS § 65.4931.
Effective:April 11, 2017
History: Amended 2017 Ky. Acts ch. 189, sec. 1, effective April 11, 2017. — Amended 2006 Ky. Acts ch. 252, Pt. XXX, sec. 1, effective April 25, 2006. — Amended 2002 Ky. Acts ch. 346, sec. 30, effective July 15, 2002. — Created
2000 Ky. Acts ch. 326, sec. 1, effective July 14, 2000.
(1) “Agency” means an urban renewal and community development agency of a taxing district located within a county containing a consolidated local government or a city of the first class, established under KRS Chapter 99; a development authority located within a county containing a consolidated local government or a city of the first class established under KRS Chapter 99; a nonprofit corporation located within a county containing a consolidated local government or a city of the first class; or a designated department, division, or office of a county containing a consolidated local government or of a city of the first class;
Terms Used In Kentucky Statutes 65.490
- City: includes town. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(2) “Development area” means an area no less than one (1) square mile, nor more than six (6) square miles, designated in need of public improvements by a local or state government in a county containing a consolidated local government or a city of the first class, a project area as defined in KRS § 99.615, or a public project as defined in KRS § 58.010 in a county containing a consolidated local government or a city of the first class. “Development area” includes an existing economic development asset;
(3) “Increment” means that amount of money received by any taxing district or the state that is determined by subtracting the amount of old revenues from the amount of new revenues in any year for which a taxing district or the state and an agency have agreed upon under the terms of a contract of release or a grant contract;
(4) “Local government” means a county containing a consolidated local government or a city of the first class;
(5) “New revenues” means the revenues received by any taxing district or the state from a development area in any year after the establishment of the development area;
(6) “Old revenues” means the amount of revenues received by any taxing district or the state from a development area in the last year prior to the establishment of the development area;
(7) “Project” means any urban renewal, redevelopment, or public project undertaken in accordance with the provisions of KRS § 65.490 to KRS § 65.497, any project undertaken in accordance with KRS § 99.610 to KRS § 99.680, any project undertaken in accordance with the provisions of KRS Chapter 58, or any “public project” as that term is defined in KRS § 58.010 undertaken by a nonprofit corporation located within a county containing a consolidated local government or a city of the first class;
(8) “Release” or “contract of release” or “grant contract” means that agreement by which a taxing district or the state permits the payment to an agency of a portion of increments or an amount equal to a portion of increments received by it in return for the benefits accrued to the taxing district or the state by reason of a project undertaken by an agency in a development area;
(9) “Taxing district” means a consolidated local government, a county containing a city of the first class, a city of the first class that encompasses all or part of a development area, or the state, but does not mean a school district; and
(10) “Pilot program” means a tax increment financing program or a grant program created by an agency within a consolidated local government or a county containing a city of the first class which shall exist for a period of twenty (20) years, and may be extended for a period not to exceed an additional twenty-five (25) years as provided in KRS § 65.4931.
Effective:April 11, 2017
History: Amended 2017 Ky. Acts ch. 189, sec. 1, effective April 11, 2017. — Amended 2006 Ky. Acts ch. 252, Pt. XXX, sec. 1, effective April 25, 2006. — Amended 2002 Ky. Acts ch. 346, sec. 30, effective July 15, 2002. — Created
2000 Ky. Acts ch. 326, sec. 1, effective July 14, 2000.